Rebranding Essentials: When is it the Right Move and How to be Successful?
April 18, 2021
Rebranding is complicated, and it can easily turn into a disaster. It’s a costly process and requires considerable time to do it correctly. When is it the right move, and how can you be successful with a rebranding strategy?
The Importance of Your Brand Identity
The key to business success is brand identity—it makes you immediately recognizable by your consumer audience. Your brand should be a reflection of your personality, opinions, and expertise. Think Elon Musk, Oprah Winfrey, or Tim Robbins. Their brands are immediately identifiable.
Your brand lets consumers know what to expect from you and differentiates you from others in your industry or field of expertise. The fundamental elements that make up your brand are your logo, colors, tag line, and mission statement. Your brand elements become an integral part of your website, social media channels, packaging, promotional materials, and letterhead.
There are times when you might want to undertake a rebranding campaign. When is it the right move, and what do you need to be successful?
When Should you Rebrand?
Rebranding can widen your market reach to new segments within your industry. It can help you reconnect with an audience that has lost touch with you. Before launching into a rebranding project, ask yourself these questions:
Are you recognizable by your brand?
Many companies and professionals launch with more generic brands. It may work initially, but as you grow, that generic brand may fail to differentiate you from the rest.
Is your brand authentic?
Trust in brands has become the number one concern among consumers today. Is your brand an accurate representation of the product or service you deliver? As a thought leader, does your brand accurately portray you?
What kind of emotions does your brand convey?
Perhaps your brand aesthetics are outdated or gloomy at a time when you want to convey excitement, hope, trust, or compassion. Simply modernizing and paying careful attention to your brand elements’ emotions is enough to recapture audiences and improve your digital reputation.
Has your brand reputation been tarnished?
McDonald’s had to change its brand after the movie Super Size Me was released. It required a total rebranding, including changing their logo and menu and even the colors they used in their restaurants to portray themselves as a provider of healthy fast food.
Rebranding Essentials: How to be Successful
- Create a rebranding strategic plan, be methodical, and consider all possible ramifications.
- Remember your target audience, and don’t forget about your core.
- Let your consumers know that you’re thinking about upgrading your brand. Float rebranding ideas and gauge their reaction.
- Don’t harm your name recognition. Your followers buy your books, listen to your podcasts, or purchase your products because they recognize your name.
Certain events warrant rebranding, despite the financial costs and time involved.
- You’ve created a new strategic plan and vision for your business
- Your brand images no longer resonate with your target audience
- You want to reposition yourself in the marketplace
- You’ve experienced a public relations crisis.